Brits prefer to manage money online

20 May 2011 | 6954 views | 0

Around two thirds of Brits say online banking is their preferred way of accessing money, with a quarter checking their accounts as often as once a day, according to a survey commissioned by the Payments Council.

However, the poll of 4020 adults, conducted by Opinium Research, shows that age is still a major factor, with only a quarter of over 55s having ever banked online.

Meanwhile, around 80% of Brits are confident making online banking transactions, rising to 90% of 25 to 34 year-olds. In fact, overall nine in ten have made online transactions, falling to 80% of the over 65s.

There is still support for face-to-face contact though, with just over a quarter of respondents saying they would prefer the 'traditional' way of managing money - by going into a bank or building society branch. Just over one in ten visit their local bank branch at least weekly, while a further 10% say they go on average every two weeks. However, seven per cent say they never visit their local bank branch.

Visiting a branch is most popular amongst older generations, with 42% of respondents aged 75 and over preferring this, compared to only one in five of 18 to 24 year-olds.

Sandra Quinn, Payments Council, says: "Technology changes all the time and it is great to see that confidence in making online transactions is so high already. But we must not forget that many people are still new to online banking and especially amongst the older generations, there are still a lot of people who are yet to benefit from it."

The Payments Council commissioned the research to coincide with the launch of an educational campaign called 'pay YOUR way' designed to promote "modern" payment methods. A Web site has been established, using videos to provide news and information on payment methods.

The campaign comes after the body faced heavy criticism recently over plans to abolish cheques by 2018 and has vowed to ensure that viable alternatives will be available for vulnerable groups, especially the elderly.